Man in Alleged Real Estate Investment Scam Set for Trial in December
A trial date has been set in the case of 76-year-old Edward Kooyomjian, Sr., of West Boylston, Massachusetts, who has been accused of luring at least two investors into a real estate investment scam that took in almost $200,000. Kooyomjian was the president of several corporations that dealt in real estate development, and it is believed that he ran the alleged scam through those entities. Those companies have since been involuntarily dissolved, according to an attorney in the case.
Prosecutors believe that Kooyomjian took in money from investors with promises that the cash would go into developing real estate for commercial purposes through his companies, which included Grandview Shoppes of Leister, Inc. and Domain Enterprises, Inc. Unfortunately, it is believed that the investors’ cash was used up before construction even began, and there are further allegations that Kooyomjian used investors’ cash for his own personal expenses.
In addition to the charges of securities fraud and larceny, Kooyomjian also faces tax-related charges for allegedly failing to file business excise tax returns for his companies while they were in operation. He is free on his own recognizance and scheduled to appear in court on December 10.